I’ve actually, while typing out this post, added one of the names on the list (yes these are legitimate setups unlike a lot of websites out there) as the setup looks solid and the market seemed interested in putting in a bottom to today’s action.
Nexen (NXY) was added at $16.46 (see chart below) and has an elevated amount of risk to it, but I’m looking for current support to hold after having broken out of the IH&S pattern recently (and has since pulled back to the breakout level).
The other three setups (one short and two longs) have a lot of appeal to them as well, and can be taken as positions at this very moment.
By the way – did you cat the trade I made in PCYC this morning? Bounced perfectly off of the 10-day moving average and has moved about 5% in my favor already. I plan on holding it overnight – assuming it doesn’t somehow implode in the last 30 minutes of trading.
LONG: Nexen (NXY)
